# Demographics → Portfolio Composition (Debt vs Equity vs FDI)

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| C1: Z → debt share | debt_share_assets | 5,296 | 177 | 0.013 |
| C2: Z → FDI share | fdi_share_assets | 5,287 | 177 | 0.221 |
| C3: Z → debt assets/GDP | debt_assets_gdp | 5,299 | 177 | 0.009 |
| C4: Z → equity assets/GDP | port_eq_assets_gdp | 5,275 | 177 | 0.065 |
| C5: Z → FDI assets/GDP | fdi_assets_gdp | 5,287 | 177 | 0.011 |
| C6: OECD Z → debt share | debt_share_assets | 1,161 | 37 | 0.015 |
| C7: non-OECD Z → debt share | debt_share_assets | 4,135 | 140 | 0.011 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| C1: Z → debt share | Z_1 | -0.3918 | 0.2490 | 0.1157 |  |
| C1: Z → debt share | Z_2 | 0.0396 | 0.0372 | 0.2871 |  |
| C1: Z → debt share | Z_3 | -0.0010 | 0.0015 | 0.4928 |  |
| C2: Z → FDI share | Z_1 | 0.1735 | 0.1301 | 0.1824 |  |
| C2: Z → FDI share | Z_2 | -0.0126 | 0.0194 | 0.5170 |  |
| C2: Z → FDI share | Z_3 | 0.0003 | 0.0008 | 0.6908 |  |
| C3: Z → debt assets/GDP | Z_1 | -955.1576 | 351.6043 | 0.0066 | *** |
| C3: Z → debt assets/GDP | Z_2 | 152.9847 | 52.5279 | 0.0036 | *** |
| C3: Z → debt assets/GDP | Z_3 | -6.3790 | 2.1649 | 0.0032 | *** |
| C4: Z → equity assets/GDP | Z_1 | -356.4001 | 100.1218 | 0.0004 | *** |
| C4: Z → equity assets/GDP | Z_2 | 59.6114 | 14.9662 | 0.0001 | *** |
| C4: Z → equity assets/GDP | Z_3 | -2.5327 | 0.6138 | 0.0000 | *** |
| C5: Z → FDI assets/GDP | Z_1 | 26.2611 | 274.5617 | 0.9238 |  |
| C5: Z → FDI assets/GDP | Z_2 | 0.3704 | 41.0472 | 0.9928 |  |
| C5: Z → FDI assets/GDP | Z_3 | -0.0383 | 1.6880 | 0.9819 |  |
| C6: OECD Z → debt share | Z_1 | 0.3929 | 0.6490 | 0.5451 |  |
| C6: OECD Z → debt share | Z_2 | -0.0342 | 0.0882 | 0.6981 |  |
| C6: OECD Z → debt share | Z_3 | 0.0008 | 0.0034 | 0.8129 |  |
| C7: non-OECD Z → debt share | Z_1 | -0.2861 | 0.2864 | 0.3179 |  |
| C7: non-OECD Z → debt share | Z_2 | 0.0206 | 0.0434 | 0.6347 |  |
| C7: non-OECD Z → debt share | Z_3 | -0.0001 | 0.0018 | 0.9445 |  |

*Portfolio composition: does aging tilt toward debt and away from FDI?*